Dogwifhat, Pepe Among Biggest Memecoin Losers Amid Dramatic Crypto Market Downturn But PopCat Continues To Pop
By Benzinga
Leading memecoins fell sharply Tuesday in response to the broader cryptocurrency market decline.
What happened: Solana (CRYPTO: SOL)-based dogwifhat led the decline, dropping more than 13% in the last 24 hours. The dog-themed coin’s trading volume rose 18% to $428 million in the last 24 hours.
Ethereum (CRYPTO: ETH)-based Pepe was also among the biggest memecoin losers, shedding over 10% of its value in the last 24 hours. Trading volume for the frog-themed token surged 18% to $750 million.
| Cryptocurrency | Gains +/- | Price (Recorded at 11:05 p.m. EDT) |
| dogwifhat (CRYPTO: WIF) | -13.38% | $1.55 |
| Pepe (CRYPTO: PEPE) | -10.51% | $0.000007676 |
| Bonk (CRYPTO: BONK) | -9.22% | $0.00001793 |
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Another popular $1 billion capitalization memecoin, Bonk, recorded losses of 9.22%.
Blue-chip coins like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) also got hit, dropping 5.94% and 6.05% in the last 24 hours.
Defying the decline, Popcat (CRYPTO: POPCAT) rose 3.89% in the last 24 hours. Note that the cat-themed cryptocurrency was the meme sector’s best performer this year, returning a whopping 8813% year-to-date.
The overall memecoin market capitalization shrank to $38 billion, representing a 24-hour decline of 6.2%.
Why It Matters: The memecoin meltdown was part of the broader market plunge that saw Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) plummet steeply Tuesday evening.
The total cryptocurrency liquidations exceeded $319 million in the last 24 hours, according to Coinglass, with long liquidations accounting for 89% of the total.
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